You are assuming the options contracts would be honored. A better solution would be to short-sell the bitcoins, then buy them up at after panic ensues.

The trouble here is: how can the person lending you the bitcoins to short-sell trust that you'll be able to repay them? The usual solution is to do your short selling via a trading account at a trustworthy institution, but Bitcoin is very much lacking in those. It's one of the reasons you're unlikely to see any Bitcoin naysayers putting their money where their mouth is; if you think that Bitcoin is going to end in disaster letting your money anywhere near it is a bad idea.